. Daily Crypto Analysis - Bitcoin stable, Ethereum cautious, XRP risky, Dogecoin surges.

Daily Crypto Analysis – Bitcoin stable, Ethereum cautious, XRP risky, Dogecoin surges.

Daily Crypto Analysis – Bitcoin stable, Ethereum cautious, XRP risky, Dogecoin surges.

01 Apr 2024

Introduction

Bitcoin holds steady above $70K ahead of the halving event, while Ethereum eyes $4,000 with caution. Bitcoin experiences a flat start to the week, facing sell-offs after touching $71.5K. Ethereum’s short-term outlook suggests a climb to $4,000, but investors are warned of potential liquidity sweeps. Meanwhile, XRP faces regulatory uncertainties, and Doge coin’s surge reflects the broader cryptocurrency rally.

Markets In Focus Today – BITCOIN

Bitcoin remains stable at $70K ahead of halving.

Bitcoin is trading above $70K, Bitcoin halving event keeps options volatility high while perpetual futures funding rates remain inflated. Bitcoin (BTC) began the trading week fairly flat, as many major financial centers around the world remained closed for the long Easter weekend. Bitcoin was once again subject to an intensified sell-off after briefly moving above $71.5K. At the start of active trading in Europe, BTCUSD fell below $69K. This is a sharp drop from the immediate upper boundary to the lower boundary of the last six days’ trading range. Such a large amplitude can be explained by reduced liquidity due to the Easter weekend. Bitcoin rose 15.4% in March to $70.9K, hitting all-time highs on several occasions. The number one cryptocurrency has risen in six out of the last seven months. Regarding seasonality, April is considered one of the best months for the top cryptocurrency.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69355.8250 | Positive Crossover | Bullish
  • MA 20 : 68077.1007 | Positive Crossover | Bullish
  • MA 50 : 62702.8715 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69211.1470 | Positive Crossover | Bullish
  • MA 20 : 68365.0380 | Positive Crossover | Bullish
  • MA 50 : 62484.5410 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.8037 | Buy Zone | Bullish

Stochastic   Oscillator : 85.4234 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 70926.67 | Take Profit: 73633.51 | Stop Loss: 69204.14

ETHEREUM

Ethereum’s short-term range forecasts $4,000 but with a warning for eager ETH bulls.

Ethereum price trades inside the $3,054 to $4,095 range on the four-hour chart. A sweep of the sell-side liquidity seems likely before ETH attempts to move $4,000.In some cases, ETH could sweep the rang high at $4,095.Ethereum (ETH) price looks ready for an ascent, at least from a breakout traders’ perspective. But this isn’t always the case as market makers or smart money tend to collect liquidity in the opposite direction first. So, eager ETH bulls need to exercise patience. Ethereum price set up a range, extending from $3,054 to $4,095 during its 25% descent between March 11 and 20. Currently, ETH has triggered a quick ascent above the aforementioned range’s midpoint at $3,574. While this volatile move might be alluring to trade, investors need to exercise caution. In crypto, the initial breakout is often undone by quick corrections. Such a move aims to collect the liquidity below key levels. In this case, ETH has produced higher highs since forming the range low on March 20.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3543.5117 | Positive Crossover | Bullish
  • MA 20 : 3537.3549 | Positive Crossover | Bullish
  • MA 50 : 3342.7893 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3523.7390 | Positive Crossover | Bullish
  • MA 20 : 3552.8355 | Negative Crossover | Bearish
  • MA 50 : 3389.1584 | Positive Crossover | Bullish

RSI (Relative Strength Index): 51.3798 | Buy Zone | Bullish

Stochastic   Oscillator : 82.0666 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment : Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3630.42 | Take Profit: 3982.70 | Stop Loss: 3437.02

RIPPLE

XRP price directionless, Ripple ruling at risk of being thrown out as it faces rejection by two federal judges.

Ripple ruling, which labels XRP as a non-security in secondary sales, is at risk of being thrown out. XRP may be declared as an unregistered security after two federal judges scoff at Ripple ruling from July 2023. XRP price resists decline below the psychologically important $0.60 level. Ripple (XRP) ruling from July 2023 differentiates between XRP secondary market sales and institutional sales of the token by Ripple. Per the July ruling by Judge Analisa Torres, the altcoin is identified as a “non-security” in transactions on exchanges.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6233 | Negative Crossover | Bearish
  • MA 20 : 0.6233 | Negative Crossover | Bearish
  • MA 50 : 0.6077 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6250 | Negative Crossover | Bearish
  • MA 20 : 0.6278 | Negative Crossover | Bearish
  • MA 50 : 0.6027 | Positive Crossover | Bullish

RSI (Relative Strength Index): 47.7349 | Buy Zone | Bullish

Stochastic   Oscillator : 52.3472 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.591 | Take Profit: 0.533 | Stop Loss: 0.641

DOGECOIN

Dogecoin Bets Jump to $2B as Price Reaches Highest Level Since 2021.

The doge coin (DOGE) price surged to its highest level since December 2021 on Thursday, with trading volumes and futures open interest rising significantly. The meme-token has surged in a broader cryptocurrency rally. Doge coin now has a market valuation of $31 billion, which makes it bigger than Deutsche bank. Dogecoin’s rally coincides with a broader surge in cryptocurrencies amid strong demand for the recently launched spot bitcoin ETFs and ahead of the bitcoin halving event next month. Despite that sharp decline, dogecoin remains the eighth-largest cryptocurrency as measured by market value, and its ongoing rise is a signal of the current risk-on mood among traders.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1955 | Positive Crossover | Bullish
  • MA 20 : 0.1804 | Positive Crossover | Bullish
  • MA 50 : 0.1506 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1943 | Positive Crossover | Bullish
  • MA 20 : 0.1741 | Positive Crossover | Bullish
  • MA 50 : 0.1409 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.4869 | Buy Zone | Bullish

Stochastic   Oscillator : 79.5931 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.2318 R2 : 0.2583
  • S1 : 0.1460 S2 : 0.1195

Overall Sentiment : Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.186 | Take Profit: 0.223 | Stop Loss: 0.166

Elsewhere In The Crypto Market

Bitcoin is down (2.75%) at 69336, Ethereum is down (3.11%) at 3,532, Litecoin is down (0.66%) at 104.44, Solana is down (2.61%) at 184.75, Doge coin is down (7.51%) at 0.203.

Key Economic Events & Data Release Today:

(USD) Manufacturing PMI (Mar) Forecast 52.8, Previous 52.2 at 19:15. (USD) ISM Manufacturing PMI (Mar) Forecast –48.5, Previous –52.2 at 19:30.